Critical Illness Cover
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses.
It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.
This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. As advisers we can help you find the plan that best meets your requirements.
The policy may not cover all the definitions of a critical illness. For definitions please refer to the Key Features and Policy documents.
If premiums are not maintained then cover will lapse. Protection policies do not have a cash value unless a valid claim is made.